The bottom 250 companies in the S&P 500 index are only 8.5% of the index, in keeping with a long-term trend and pounding out new all-time lows.

I am still feeling out Substack in terms of how I can make this space more effective. Still not sure if I will use the note section for a few of the facts I come across daily that hit me just a little bit hard. But here is one.

This is of course just another way of saying market concentration at the top has gotten very extreme, reflecting the common thread of bullishness on AI spending. This is one bit of the data potpourri suggesting correlation is long overdue for a return.

Like shrinkflation, sometimes it is not a very big sign, but a lot of little signs that show the way.